Stocks of Airtel, Tata Steel, Reliance Communications, Bharti Infratel, Dr Reddy’s, IDFC will be in focus today

Indian stock markets are likely to open marginally lower following a weak round of Q2 earnings reported by several companies.

Stocks of Airtel, Tata Steel, Reliance Communications, Bharti Infratel, Dr Reddy’s, IDFC will be in focus today

Indian stock markets are likely to open marginally lower following a weak round of Q2 earnings reported by several companies. The early indicator of NSE Nifty 50 — SGX Nifty Futures — was trading little changed, down 0.08% at 10,392 points on the Singapore Stock Exchange. Shares of Bharti Airtel and Dr Reddy’s Laboratories will be in watch today ahead of their second-quarter earnings.

Other major companies which are also lined up with their Q2 results are Ajanta Pharma, Blue Star, Capital First, Cholamandalam Investment And Finance, Container Corp, Dabur India, Divi’s Laboratories, Escorts, Future Retail, IDBI Bank, Info Edge, Inox Leisure, InterGlobe Aviation, IRB Invit Fund, JSW Steel, KPIT Technologies, Max Ventures And Industries, Polaris Consulting & Services, Sanofi India, SBI Life Insurance, Sintex Plastics Technology, Strides Shasun, Symphony, Syndicate Bank, Welspun Enterprises, Zee Media Corporation.

These stocks will be in focus today

Bharti Airtel: Bharti Telecom, promoter firm of Bharti Airtel, will acquire additional 4.62 per cent at market price in the telecom major on or after November 3, as per a regulatory filing. Bharti Telecom will acquire 184,710,183 equity shares of
Bharti Airtel from another promoter firm of the telecom major, Indian Continent Investment Limited (ICIL), at price of
Rs 417.35 per share derived with weighted average market price of 60 days trading period, as per the filing. With this transaction, Bharti Telecom stake in the company will increase 50.1 per cent in Bharti Airtel from 45.48 per cent and ICIL stake will come down to 2.03 per cent.

Tata Steel: Tata Steel registered a consolidated net profit of Rs 1,017.78 crore in the quarter to September, helped by volume growth, higher sales and improved performance across verticals.

Reliance Communications: With some of its deleveraging plans, which included a merger with Aircel, collapsing, cornered RCom today presented a fresh plan to recast its Rs 45,000 crore debt to lenders that includes converting Rs 7,000 crore of debt into equity by banks and handing over majority stake to them. Billionaire Anil Ambani-led Reliance Communications, which plans to shut mobile telephony business by November-end, today said lenders will convert part
of their debt to equity to gain 51 per cent control of the company, PTI reported.

IDFC & Shriram Group: The merger talks between IDFC Bank and Shriram Capital has been called off due to differences over the valuation. IDFC Bank on Monday said that the two parties could not reach “common ground on swap ratio”, TV reports said. The announcement was made during a meeting held by IDFC to discuss its second-quarter earnings. “The CES agreement between the two parties stands terminated with immediate effect,” IDFC said.

Bharti Infratel: Bharti Infratel said it will explore acquiring additional stake in Indus Towers, a move likely to create India’s largest mobile tower company.

Marico: FMCG firm Marico reported a 2.48 per cent increase in consolidated net profit at Rs 185.04 crore for the second quarter ended September 30, led by volume growth.

Bharti Infratel: Tower infrastructure company Bharti Infratel today reported a 17.57 per cent drop in consolidated net profit to about Rs 638 crore for the second quarter ended September 30.

LIC Housing Finance: LIC Housing Finance reported a marginal decline of 1.13 per cent in its net profit at Rs 489.12 crore for second quarter of the current fiscal.

IDFC: Infrastructure term lender IDFC reported a 35.83 per cent decline in its consolidated profit to Rs 180.80 crore for second quarter ended September 30.

Central Bank of India: Public sector Central Bank of India today reported widening of its net loss at Rs 750.41 crore for the July-September quarter of this fiscal due to higher provisioning for the bad loans.

Century Plyboards: Century Plyboards (I) Ltd reported an on-year decline of 18.57 per cent in net profit to Rs 40.14 crore in the quarter ended September.

Indian Rupee on Monday: The rupee ended 20 paise higher at 64.85 against the US dollar.

Indian markets on Monday

Indian stock markets ended at record highs on Monday as sentiments turned positive led by the optimism after India’s largest housing mortgage lender HDFC posted healthy numbers for the July-September quarter. BSE Sensex gained 108.94 points or 0.33% to end at 33,266.16 points while NSE Nifty added 40.6 or 0.39% to finish at 10,363.65 points. Domestic markets traded higher through the day as market participants were keenly awaiting the Q2 earnings. During the day, the benchmark Sensex rose 186.95 points to hit the all-time high of 33,340.17 whereas the broader Nifty jumped 61.45 points to mark the lifetime high of 10,384.5.

US markets on Monday

Wall Street pulled back from the record-high territory on Monday, weighed down by a drop in Merck shares and a report that U.S. lawmakers are discussing a gradual phase-in of much-anticipated corporate tax cuts. The Dow Jones Industrial Average fell 85.45 points, or 0.36 percent, to 23,348.74, the S&P 500 lost 8.24 points, or 0.32 percent, to 2,572.83 and the Nasdaq Composite dropped 2.30 points, or 0.03 percent, to 6,698.96.

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